Planning to Buy Health Insurance? Check These 9 Key Points Before Paying Premium

Health insurance has become an essential safeguard against rising medical expenses, but choosing the right policy requires careful consideration. Many people make the mistake of selecting a plan based only on premium costs, only to face difficulties during hospitalization. 

Experts advise that before buying a health insurance policy, one must review coverage, claim settlement ratio, waiting period, and network hospitals to avoid future hassles.

9 Important Things to Check Before Buying Health Insurance

1. Coverage Amount
   Ensure the sum insured matches your family’s medical needs. Experts recommend a minimum of ₹5 lakh coverage with an option to enhance as needed.
2. Waiting Period
   Pre-existing diseases are usually covered only after 2–4 years. Check the waiting period for different illnesses before finalizing a policy.
3. Network Hospitals
   Cashless treatment is possible only if your hospital is part of the insurer’s network. Always verify the hospital list in your city.
4. Claim Settlement Ratio
   A higher claim settlement ratio indicates a more reliable insurer. This increases the chances of smooth claim approvals.
5. No-Claim Bonus (NCB)
   If you don’t file a claim in a year, insurers often reward you with increased coverage. Check how much NCB your insurer offers.
6. Co-Payment Clause
   Some policies require partial payment by the insured during hospitalization. Opt for low or zero co-payment for reduced financial burden.
7. Premium vs. Coverage Balance
   Don’t choose solely based on low premium. Ensure the plan offers adequate coverage that justifies the cost.
8. Family Floater vs. Individual Policy
   For families, a floater policy is more economical. However, for members with pre-existing conditions, an individual plan may be better.
9. Additional Benefits
   Some policies cover free annual health checkups, ambulance charges, daycare treatments, and vaccinations. Compare these add-ons before purchase.

Why Health Insurance Is No Longer Optional

With rising healthcare costs, health insurance is now a necessity rather than a choice. Government initiatives, such as reducing GST on health insurance, are expected to encourage more people to buy policies early. Experts stress that choosing wisely today ensures financial security and quality healthcare tomorrow.

Balwadkar

Frequently Asked Questions (FAQs)

• Does health insurance only cover hospitalization? Mostly yes, though some plans include OPD expenses.
• Is family floater cheaper? Yes, for families, it is cost-effective.
• What is the right age to buy? The earlier, the better, as premiums are lower.
• Is online purchase safe? Yes, if done through registered insurers.
• Can I port my policy? Yes, policies can be transferred from one company to another.

Disclaimer:

This article is for informational purposes only and does not constitute financial or medical advice. Readers are advised to consult with licensed insurance advisors or financial experts before making any policy-related decisions.

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